HOME RENOVATION LOANS
HOME RENOVATION LOANS
IS IT POSSIBLE TO RECEIVE LOANS FOR A HOME RENOVATION?
Yes. There are a variety of different loans available when looking for a mortgage that helps pay for home renovations. From loans dedicated to helping the home buyer put in a pool, to loans that assist in repairing weather damage, there are several options available to home buyers who are interested in renovating or repairing a new home. One of the most common home renovation loans is an FHA 203(k).
WHAT IS AN FHA 203(K) LOAN?
An FHA 203(k) is a loan program provided for by the Federal Housing Administration. This type of loan allows homebuyers to purchase a home with the cost of specific repairs included in the mortgage amount. These loans are primarily directed toward first time home buyers, but there are several qualifications that determine if you are eligible for one of these home renovation loans.
REQUIREMENTS TO RECEIVE A FHA 203(K):
The borrower must be able to prove that money was spent on renovating the house. An eligible credit score must also be proven, but fortunately enough for homebuyers looking to take out this type of loan, the minimum credit score is easier to obtain than other loans. If you have around a 640 credit score, you could qualify to receive an FHA 203(k).
TIPS FOR RECEIVING LOANS TO RENOVATE YOUR HOME:
Before applying to receive a home renovation loan, decide as best you can how much money you will need to begin your home renovation. If you hire a contractor, ask them to give you an estimate on the total cost of the home repairs. Once you have that specific number, discuss the possibility of a home renovation loan with a mortgage broker. Different loans offer different amounts to borrowers, so talking to a mortgage broker can help determine the specific loan and amount that fits your project’s goals.
For any further questions about the types of home renovation loans we offer or if you qualify for an FHA 203(k) loan, contact LoanLeaders of America, Inc.
At Loanleaders of America, we believe access to funding should be simple and stress-free. Whether you need personal, business, or emergency loans, our team delivers flexible options, competitive rates, and a customer-first approach you can depend on.
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LOANLEADERS OF AMERICA, INC.
If you are a current or potential homeowner, Loanleaders of America, Inc.'s Team will help you secure a better rate, find the right home loan, and make sure you can finance your dream home.
Gerry Frey
Operations Manger | NMLS#377344
Loanleaders of America, Inc. | NMLS# 2070
949-269-7124
1401 Dove Street, Suite 340
Newport Beach, CA 92660 and Call :
888-834-1988
